MD1420 Further Education (FE) Capital Investment Fund

Type of decision: 
Mayoral decision
Code: 
MD1420
Date signed: 
15 December 2014
Decision by: 
Boris Johnson MP (past staff), Mayor of London

Executive summary

The Further Education (FE) Capital Investment Fund is capital investment in Further Education estates. It will enable FE institutions to operate within suitably appropriate buildings and facilities equipped with up-to-date equipment and machinery.

Further to endorsement from the London Enterprise Panel (LEP) and approval by the Investment and Performance Board, this MD seeks the Mayor’s approval for the GLA to receive and spend £55m for 2015/16 and £65m for subsequent rounds of FE Capital funding, delegation of decision making for project award and expenditure to the Executive Director - Development, Enterprise & Environment. It also seeks approval of expenditure of up to £147,000 on specialist support in undertaking due diligence of funding applications and monitoring surveyor services.

Part 1: Non-confidential facts and advice